Poor Earnings Hit Asia, Europe

The Netherland's Philips, The largest consumer electronics company in Europe, revealed that its Q1 profits fell to 219 million euros from 875 million euros a year ago, a 75% drop. Wachovia also posted a huge loss. The MSCI World Index dropped 0.6% to 1,452.76 at 1:18 p.m. in London. Futures on the Standard & Poor's 500 Index slipped 0.6 percent.